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Oil prices jump after U.S.-Iran strikes raise Gulf tensions

financeJul 8, 2026672,928

Brent crude and U.S. West Texas Intermediate climbed about 2-3% after U.S. strikes on Iranian targets and recent attacks near the Strait of Hormuz stoked supply fears. Coverage tied the moves to the U.S. military action and the revocation of a waiver that had allowed Iranian oil sales. Attacks on commercial vessels in the Strait of Hormuz prompted the strikes and renewed concern that retaliation could throttle energy flows through that chokepoint. Analysts cited in coverage warned that persistent escalation could drive prices higher still. Market commentary also noted that recent gains reverse an earlier pullback after U.S.-Iran talks had briefly eased tensions. The immediate consequence is tighter market sentiment and renewed volatility for oil traders, with energy-linked assets and regional shipping routes under closer scrutiny.

The Associated Press
@apnews.com

BREAKING: The U.S. military says it's carrying out another round of strikes after Iran attacked ships in the Strait of Hormuz a day earlier.

5244d ago
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